TORONTO, May 3, 2010 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for its fiscal year ended January 31, 2010. All figures are reported in U.S. dollars.
| Fiscal Year End 2010 | Fiscal Year End 2009 | |
| Sales | $4,481,174 | $4,824,906 |
| Net Loss | (2,144,735) | (1,591,470) |
| Loss per common share | (0.70) | (0.52) |
| Weighted avg. common | ||
| Shares outstanding (basic and diluted) | 3,072,846 | 3,072,846 |
Although management has remained focused on the manufacture and sales of the core product lines, the continued slowdown in the worldwide commodity markets, especially lowered production in the hog markets, has resulted in reduced demand for the range of products that the Company produces. The company believes that there are however some indications that of improvement, especially in Europe and the United States which had suffered the greatest declines, and sales efforts are showing some hopeful indicators in the marketplace, especially related to our higher margin powdered products.
Continued volatility of the currency exchange rate between the Canadian and U.S. dollars significantly negatively affected cash flows and profitability in fiscal 2010. The Company's sales are largely denominated in United States dollars, while its costs were largely in Canadian dollars.
As a result of the dramatic impact of exchange rates during the year, the Company has continued to aggressively seek cost reductions in all areas of its operations. Cost reductions have been achieved in most areas including raw material pricing, plant repairs, as well as insurance, legal, audit and reporting costs. Payroll reductions have been implemented, with reductions in management compensation and the implementation of shorter plant hours of work when appropriate. The plant was also shut down for approximately 3½ weeks in the fourth fiscal quarter, resulting in cash savings. These cost control initiatives are ongoing and will continue to be of benefit to the Company.
The Company shares are traded on the Pink Sheet platform (www.pinksheets.com).
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry. Company website: www.Polydex.com
The Polydex Pharmaceuticals Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3414
Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may", "could", "might", "expect", "anticipate", "believe", or similar words. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.